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Discontinued: Commonwealth Bank Essentials Credit Card
Discontinued: Commonwealth Bank Essentials Credit Card

Commonwealth Bank Credit Cards

Discontinued: Commonwealth Bank Essentials Credit Card

Updated 5 June 2023

As of 02 June 2023, this card became unavailable for application. This information has been left for those who still have the card or were previously interested.

Stay in control of your expenses with CommBank's lowest rate card - 9.90% p.a. on purchases. Enjoy a reduced monthly fee of $2 when you choose online statements and set up automatic payments (otherwise monthly fee is $5). Eligible with Apple Pay, Google Pay, Samsung Pay, Fitbit Pay, and Garmin Pay. T&Cs apply.

Purchase Rate (p.a)

9.90%

Balance Transfer (p.a)

N/A  

Annual Fee (p.a)

$60

$0

My transfer amount

Balance transfer from:

My annual fee

My interest rate

Pros and cons

  • Low purchase rate of 9.90% p.a.
  • One free additional cardholder
  • Reduced monthly fee of $2 when you choose online statements and set up automatic payments from a CommBank transaction account using credit card AutoPay
  • Cashback benefits for eligible cardholders through CommBank Rewards in the CommBank app
  • Eligible with Apple Pay, Google Pay, Samsung Pay, Fitbit Pay and Garmin Pay

  • No balance transfer offer
  • Standard monthly fee of $5 - which is $60 per year

Creditcard.com.au review

Editor Review

Discontinued: Commonwealth Bank Essentials Credit Card

Pauline Hatch
Pauline is a personal finance expert at CreditCard.com.au, with 9 years in money, budgeting and property reporting under her belt. about this card.

The Commonwealth Bank Essentials Credit Card

Back in March 2018, CommBank scrapped three of its cards – the Student credit card, Gold Awards credit card and Business Gold Awards credit card – and introduced the Commonwealth Bank Essentials Credit Card. In this act of “streamlining”, CommBank created its lowest rate card, designed to offer cardholders more control. So, is it right for you?

What we love...

As its name suggests, the Commonwealth Bank Essentials Credit Card is a card that just offers the essentials. So, there’s no need to get your head around fancy features, and no convoluted rewards programs that you pay for but never use. This is a card that offers you the basics, the essentials, and not much else. But, that is why we like it.

With this card, you have a low rate of interest on purchases. So, if you occasionally carry a balance, you will pay less in interest while you work on paying off what you owe. And as cash advances are blocked, there should be no temptation to withdraw money on the card, to then pay higher rates of interest and cash advance fees, as is often the case with other credit cards.

In terms of fees, the Commonwealth Bank Essentials Credit Card could help you save here too. With no annual fee as such, the card charges a monthly fee instead. With a standard monthly fee of $5, you can reduce that to $2 per month by choosing online statements and setting up automatic repayments from a CommBank transaction account using AutoPay.

Instead of paying $60 per year, you could pay as little as $24. Which is great. But, something that cardholders should consider is how much they set up that automatic payment for. Setting up a payment that only covers your minimum repayment amount could mean carrying a balance, failing to clear that balance, and paying too much in interest over a longer period of time.

What’s not so great...

As a card that only offer the basics, there are plenty of features missing from the Commonwealth Bank Essentials Credit Card that. There are no balance transfers, you can’t earn rewards, and you can’t take advantage of features such as overseas travel insurance. If you want these extras, you may be better off choosing another card – and paying for them with higher annual fees and interest.

Why should you choose this card?

With one of the lowest rates on the market, the Commonwealth Bank Essentials Credit Card could be a great option if you tend to carry a balance. With its low rate, you could save on interest while you work on paying down what you owe. Once you clear your balance – and continue to do so month-to-month – you can take advantage of up to 55 days interest free on purchases.

CommBank also promotes this card as one that can help you stay in control. One way it does this is with its low maximum credit limit of $3,000. The thinking behind this is, if you don’t have the temptation to spend up to a high credit limit, you are less likely to overspend. Will it work? That all depends on you.

Luckily, CommBank’s tools are here to help. A Spending Cap allows you to set a cap on your spending, which can help prevent you from going over your set spending limit. However, access to your additional funds are still available should you need it. You can also access Spending Tracker & Insights, which may help you better understand where your money is going.

Other nice features on the card include access to Priceless Cities offers and experiences, and CommBank’s ‘Lock, Block, Limit’, which allows you to instantly lock, block or limit your card through CommBank’s app or NetBank. In terms of security, 24-hour fraud protection and emergency overseas assistance is available, through Mastercard Zero Liability and Mastercard Global Service.

Overall Rating

Keeping it nice and simple, the Commonwealth Bank Essentials Credit Card offers a low rate on purchases, alongside a range of ways cardholders can stay in control, including a low maximum credit limit, self-set spending caps, and spending tracking tools.

User reviews

Discontinued: Commonwealth Bank Essentials Credit Card ( based on 6 Creditcard.com.au user reviews )

57% rating based on 6 reviews

Rates
Fees
Rewards
Customer Service
Value
96%

David

2 March 2021

I enjoy having this card with the minimum $400 credit limit. I can clear it off daily quite easily and there is never any temptation. When I travel overseas, I use my AMEX Platinum Charge. However, this is my day to day card that I use. I have been a CBA customer for years and I was waiting for quite some time for CBA to bring in a minimum limit of $400 which is perfect for day to day usage. No points, nothing fancy, just nice low interest rates and fees. I do have my account set up so that I get debited the full amount from my transaction account so I only pay $2 monthly for the card. I marked the bank down in fees for this card. I believe that the monthly fee could have been $4 for non auto pay.

Recommends this card

Rates and fees

Interest rates



Purchase rate 9.90% p.a.

Cash advance rate N/A

Interest free period on purchases up to 55 days

Credit limits

Minimum credit limit $400

Maximum credit limit $3,000

Fees & repayments

Annual fee $60 p.a.

Additional cardholder fee $0 p.a.

Foreign transaction fee 3%

Minimum repayment 2.5% or $75 (Business Low Rate & Interest-Free Days); 2% or $25, whichever is greater (all other cards)

Cash advance fee N/A

Late payment fee $20

Additional features

Complimentary insurance

International Travel Insurance No

Flight Inconvenience Insurance No

Transit Accident Insurance No

Smartphone Screen Insurance No

Purchase Protection Insurance No

Extended Warranty Insurance No

Rental Vehicle Excess In Australia Insurance No

Extras

Eligible with Apple Pay, Google Pay, Samsung Pay, Fitbit Pay and Garmin Pay

Overview

Discontinued: Commonwealth Bank Essentials Credit Card

Enjoy a low rate on purchases of 9.90% p.a. and up to 55 days interest-free on purchases made using the Commonwealth Bank Essentials Credit Card. Get one additional cardholder for free. Pay a monthly fee of $5 ($60 p.a.) or $2 ($24 p.a. – when you choose online statements and set up automatic payments from a CommBank transaction account).hea

Key features

  • Low purchase rate of 9.90% p.a.
  • Free additional cardholder
  • Up to 55 days interest free on purchases
  • Monthly $2 fee ($24 p.a.) when you choose online statements and set up automatic payments from a CommBank transaction account using credit card AutoPay. Otherwise monthly fee is $5 which equates to $60 annually.
  • Eligible with Apple Pay, Google Pay, Samsung Pay, Fitbit Pay and Garmin Pay

Minimum criteria to apply for this card

  • Be over 18 years old

  • Good Credit and have not applied for multiple credit cards recently

  • Legally have the right to work in Australia

  • You have your personal details ready to complete the online application

Pauline

Pauline is a personal finance expert at CreditCard.com.au, with 9 years in money, budgeting and property reporting under her belt. Pauline is passionate about seeing Aussies win by making their money – and their credit cards – work smarter, harder and bigger

Recently Asked Questions

Something you need to know about this card? Ask our credit card expert a question.

6 questions (showing the latest 10 Q&As)

Yusuf

Yusuf

22 January 2023
I will be aged pensioner on February 17 . Can I apply for Commonwealth Bank Essentials Credit Card?
    Pauline - CreditCard.com.au

    Pauline

    23 January 2023
    Hi Yusuf, you’ll be glad to know that the Commonwealth Bank has a “no age discrimination” policy. Head over to our guide on credit cards for pensioners to see the details for some of the major big credit providers in Australia.
Nick V

Nick V

1 July 2022
Hi there, What is the minimum income required for this credit card?
    Pauline - CreditCard.com.au

    Pauline

    4 July 2022
    Hi Nick, we don’t have an active partnership for the CommBank Essentials card currently, but I checked this for you and it does not state a specific income needed. It just states in their eligibility that you are not in default with any CommBank accounts, are not in hardship, and should be at least 18 years old. You can reach out to CommBank directly at 13 22 21 for specifics on their eligibility requirements.
Roshan Dhakal

Roshan Dhakal

11 March 2020
Can I transfer amount from essentials credit card to my Savings account?
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    12 March 2020
    Hi Roshan, yes you can. It will be considered a cash advance. So you will be charged cash advance fees plus the cash advance interest rate from the day you do it. Until the day you pay it back.
Heleanor Mellers

Heleanor Mellers

12 December 2019
As a business we have several employees requiring a credit card for purchasing fuel, materials etc. We are not a CBA Client but are we able to set up a bank account with CBA then have 1 Essentials Card for each site supervisor
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    13 December 2019
    Hi Heleanor, how many cards do you need? I would suggest you look at cards designed specifically for business. I would also suggest that you get one that earns points. This way you can really benefit from the purchases. Have a look at the NAB Qantas Business Signature. Multiple cards with individual credit limits under a single account. 0.67 Qantas Points earn rate per $1 spent. 100,000 bonus Qantas points when you spend $4,000 on everyday business purchases within 60 days of account opening. All for a $295 annual fee.
jasmine

jasmine

10 November 2018
how do i apply for one?
Rose

Rose

12 October 2018
Does the MasterCard Essentials card have travel insurance?
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    15 October 2018
    Hi Rose, there is no travel insurance with the Commonwealth Bank Essentials credit card. It's focus is the lowest purchase rate of any Commbank credit card.

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